News / Business
Sprint Nextel (NYSE: S) Signs $5B Networking Deal with Ericsson
Sprint Nextel Corporation (NYSE: S) announced Thursday that it has signed a networking deal with LM Ericsson (NASDAQ: ERIC).
The seven-year deal, valued between $4.5 billion and $5 billion, will transfer operation of its wireless and wireline networks to Ericsson. The deal will also transfer about 6,000 Sprint employees to an Ericsson-owned subsidiary, based near Sprint's
According to reports, Sprint will maintain ownership and control of its network, including future investment and strategy, while Ericsson provides day-to-day maintenance and monitoring of the network of cell towers and call switching equipment.
According to Associated Press, Ericsson already manages global networks that serve 275 million subscribers.
Sprint laid off 8,000 employees earlier this year, which it said provided $1.2 billion in savings. The employees are expected to switch over to Ericsson in late third quarter, after which it will take 12-18 months to fully shift operations to Ericsson. Sprint will retain about 2,000 employees who have network-related jobs, such as budgeting.
###
Click here for more Business News
About YourFINDit
YourFINDit Community is a business, music and social networking community. YourFINDit provides members with a wealth of applications that enable them to create an in depth profile within YourFINDit. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the YourFINDit community. YourFINDit provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.
To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.
YourFindit is owned and operated by TransWorldNews, Inc., a news and press release distribution service.
